[Lead Smelting Enterprise Dynamics] Recently, Yunnan Chihong Zn & Ge Co., Ltd. announced plans to increase capital in its wholly-owned subsidiary, Hulunbuir Chihong Mining Co., Ltd., by 3.3 billion yuan using its own funds. This capital injection will primarily be used to repay internal loans, supplement working capital, and fund projects aimed at enhancing efficiency and unlocking potential in lead and zinc smelting operations.

On February 3, 2026, Fulin Precision Industrial Co., Ltd. announced that relevant proposals were reviewed and approved at the 31st meeting of the company’s fifth board of directors held on February 2. The company and Contemporary Amperex Technology Co., Limited (CATL) will jointly conduct a capital increase and share expansion for the controlling subsidiary, Jiangxi Shenghua New Materials Co., Ltd. According to the plan, Fulin Precision intends to convert its 500 million yuan debt in Jiangxi Shenghua into additional capital, subscribing to an increased registered capital of 406.504065 million yuan. CATL will increase capital by 747.141913 million yuan in cash, subscribing to an increased registered capital of 607.432450 million yuan.

On Friday, Eastern Time, the US May non-farm payrolls data came in better than expected, easing market concerns about an economic slowdown and triggering a sharp rally in US stocks. All three major indices rose more than 1%, with the S&P 500 closing above 6,000 for the first time since February, though still more than 2% below its all-time high set in February. At the close, the Dow Jones Industrial Average rose 1.05% to 42,762.87; the S&P 500 rose 1.03% to 6,000.36; and the Nasdaq Composite rose 1.20% to 19,529.95. (Minute-by-minute charts of the three major indices, source: TradingView) All three major indices posted gains for the week, with the S&P 500 up 1.5%, the Dow up 1.2%, and the Nasdaq up 2.2%. Thanks to the recent rebound, all three major indices have turned positive for the year. Data released by the US Bureau of Labor Statistics on Friday showed that non-farm payrolls increased by 139,000 in May, a slowdown from the previous month's figure but higher than market expectations. The unemployment rate remained unchanged at 4.2%. The jobs report was released as other data suggested that US job growth may be slowing amid uncertainty over trade policy. The latest non-farm payrolls data provided a basis for the US Fed to maintain interest rates unchanged this summer. As a result, traders lowered their expectations for interest rate cuts in the coming months. "The non-farm payrolls data came in better than expected, suggesting that the labour market remains healthy despite a slowing growth trend," said Anthony Saglimbene, chief market strategist at Ameriprise. "There is still uncertainty about the inflationary impact of tariffs, which are expected to start showing up in economic data this summer. The market is now waiting to see the real impact of these factors on growth and earnings in the coming quarters. We're essentially back to where we were in February," Saglimbene said. Circle, the "first stablecoin stock," extended its rally, closing up more than 29% on its second day of trading, with cumulative gains of over 247% in two trading days. Performance of Popular Stocks Major tech stocks rose across the board, with Apple up 1.64%, Microsoft up 0.58%, Nvidia up 1.24%, Google up 3.25%, Amazon up 2.72%, Meta up 1.91%, and Tesla up 3.67%. Among popular Chinese ADRs, gains and losses were mixed. The Nasdaq Golden Dragon China Index fell 0.06%, with Alibaba down 0.48%, JD.com up 0.09%, Pinduoduo up 1.28%, NIO up 0.28%, XPeng Motors down 2.40%, Li Auto up 0.85%, Bilibili up 1.46%, Baidu down 0.05%, NetEase down 1.25%, and Tencent Music up 1.01%. Company News [Tesla Produces 8 Millionth EV at Giga Berlin] On June 6, Tesla announced that its 8 millionth electric vehicle (EV) rolled off the production line at Giga Berlin, with the vehicle being a Model Y. [Lululemon Plunges 20%, Lowers Full-Year Profit Forecast] Athletic apparel brand Lululemon (LULU) closed down 19.80% on Friday, marking its worst single-day performance since March 2020. Lululemon had previously lowered its full-year outlook, projecting Q2 net revenue to be between $2.54 billion and $2.56 billion, falling short of analysts' consensus estimate of $2.57 billion. [Virgin Galactic Announces Potential Resumption of Commercial Spaceflight Services] Virgin Galactic's shares surged over 16% intraday but closed up 2.88%. The company announced that its commercial spaceflight services are expected to resume, signaling a new phase in the restart of its space tourism business. [Fitch Upgrades Uber's Rating to BBB+] Fitch Ratings upgraded Uber's (UBER) long-term issuer default rating (IDR) to "BBB+" and assigned a commercial paper rating of "F1." [Deutsche Bank: Exploring Stablecoin or Tokenized Deposits] In a recent report on Friday, Sabih Behzad, Head of Digital Assets and Currency Transformation at Deutsche Bank, stated that the bank is exploring stablecoins and various forms of tokenized deposits. It is understood that the options being evaluated by Germany's largest bank include issuing its own token or joining industry consortium initiatives, while also exploring the development of its own tokenized deposit solutions for payment purposes. [Switzerland Unveils Banking Reform Proposal; UBS Faces $26 Billion in Additional Capital Requirements] According to the banking reform proposal put forward by the Swiss government, UBS Group will face up to $26 billion in new capital requirements over the next decade. Following months of uncertainty that weighed on the share price of the Zurich-based bank, the Swiss Federal Council announced on Friday that it will require UBS's parent company to fully capitalize its foreign subsidiaries. The Swiss government estimates that this will force UBS to increase capital for its main Swiss operations by up to $23 billion, with the remaining capital to be raised through other measures.

[CORUN and CALB Increase Capital in ESS Industry Fund to RMB 1.402 Billion] Recently, CORUN announced that it would jointly increase capital in the ESS industry fund with CALB, with each contributing an additional RMB 500 million, bringing their respective subscribed amounts to RMB 700 million. The total subscribed capital of the fund increased from RMB 402 million to RMB 1.402 billion. Established in January 2024, the ESS industry fund has a target total size of RMB 2 billion, focusing on project investments in the new energy and ESS sectors. As of May 22, 2025, the fund had invested RMB 163 million, constructed multiple ESS power station projects, and obtained approvals and registrations.

[Jiyao Tongxing, a battery company under Geely Group: Expected to achieve a battery capacity of 70 GWh by 2027] Zheng Xin, Vice President and Chief Strategy Officer of Geely Holding Group, as well as CEO of Jiyao Tongxing, stated that Jiyao Tongxing will achieve a battery capacity of 70 GWh by 2027, with eight production sites in Tonglu, Quzhou, Jianhu, Ganzhou, Shangrao, Yingtan, Ningguo, and Zaozhuang. In terms of business model, Jiyao Tongxing will strive to explore vehicle-battery separation and battery swapping models, and establish a battery bank. Note from Xiaocai: Zhejiang Jiyao Tongxing Energy Technology Co., Ltd. ("Jiyao Tongxing" for short) is the main entity for Geely Holding Group's battery business. (Cailian Press) [Zhang Jinhua of China SAE: Strengthen OTA Upgrade Management and Clarify Corporate Safety Responsibilities] Zhang Jinhua, President of the China Society of Automotive Engineers (China SAE), pointed out in an article that with the accelerated integration of electrification, intelligence, and connectivity in the automotive industry, significant changes have occurred in the form of automotive products, and automotive software online upgrades (OTA upgrades) have been gradually widely applied in intelligent connected vehicle products. On the one hand, OTA upgrades can rapidly iterate product functions, optimize product performance, enhance user experience, and reshape product development models, becoming an important means for automotive producers to provide value-added services to consumers and enhance product competitiveness. On the other hand, unlike ordinary electronic consumer goods, automotive OTA upgrades, if lacking necessary supervision, may pose safety risks to vehicle operation and even endanger public safety. Zhang Jinhua stated that strengthening the management of automotive OTA upgrades and clarifying corporate safety responsibilities will provide important support for safeguarding the legitimate rights and interests of consumers and social public safety. (Cailian Press) [Li Auto: The refreshed car models will return to a monthly sales level of 50,000 units, and sedan products will be launched based on market demand] The management of Li Auto stated during the Q1 earnings call that after the launch of the refreshed Li Auto car models, weekly sales have exceeded 10,000 units. As of May, the market share in the market segment above 200,000 yuan is 14.7%. Li Auto is confident that the refreshed car models will soon return to a monthly sales level of 50,000 units. After Li Auto's extended-range and pure electric SUVs, as well as the Li Auto MEGA, support an annual revenue of 300 billion yuan, MPV and sedan products will be launched based on market demand to meet the needs of the domestic market as well as important overseas markets. (Cailian Press) [CATL Signs Strategic Cooperation Framework Agreement with Lanzhou for Zero-Carbon City] On May 29, CATL and the Lanzhou Municipal People's Government officially signed a strategic cooperation agreement. The two sides will deepen cooperation in three major areas: the construction of the aftermarket for new energy batteries, the electrification upgrade of comprehensive transportation, and the establishment of a zero-carbon city ecosystem. The two parties will also establish a zero-carbon urban ecosystem, integrating PV, ESS, and intelligent management technologies to create zero-carbon parks and build industries such as virtual power plants. They will construct city-level integrated demonstration stations for "PV, ESS, charging/swapping, and inspection". They will explore policies for the recycling of end-of-life batteries, jointly establish a battery recycling system and collaborative processing bases, and form a closed-loop value chain covering the entire life cycle. (Science and Technology Innovation Board Daily) [Zhonglun New Materials: BOPA film for solid-state batteries is in the early market promotion stage] Zhonglun New Materials stated on an interactive platform that the company's lithium battery film products, as the core substrate for pouch lithium battery aluminum-plastic films, have taken the lead in achieving localisation substitution and stable mass production. They have successfully entered the supply chain systems of domestic mainstream aluminum-plastic film producers such as Zijiang New Materials, PTL, and Crown. Recently, the company's R&D on BOPA film for solid-state batteries has achieved key breakthroughs. This product can be applied in the solid-state battery field through aluminum-plastic films and is currently in the early market promotion stage. (Finance News) [Lopal: Plans to increase capital investment by RMB370 million in its holding subsidiary Changzhou Liyuan] Lopal (603906.SH) announced that the company plans to use 80% of the funds raised from issuing H shares to increase capital investment in its holding subsidiary Changzhou Liyuan, with the amount equivalent to RMB369.7056 million. Of this, RMB55.5129 million will be credited to the registered capital, and the remaining RMB314.1927 million will be credited to the capital reserve. After the capital increase is completed, Changzhou Liyuan's registered capital will increase to RMB834.1276 million, and it will remain a holding subsidiary of the company. Changzhou Liyuan plans to use the increased capital to invest an additional $14 million in its holding grand subsidiary LBM NEW ENERGY (AP) PTE. LTD. This capital increase constitutes a related-party transaction and still needs to be submitted to the shareholders' meeting for approval. (Finance News) Related readings: [SMM Analysis] REPT Battero and Hyosung Heavy Industries reach a 2.5GWh ESS strategic cooperation [SMM Weekly Review] The lithium carbonate market remains weak, with supply-demand imbalance and weakening costs leading to continued price declines [SMM Analysis] Domestic lithium carbonate imports in April 2025 released April battery material import and export data released: Both spodumene and lithium carbonate imports increased, with the latter's exports surging! [SMM Special Report] Cobalt product quotes collectively decline, with refined cobalt falling by RMB6,200 and cobalt smelters' willingness to sell increasing [Weekly Observation] Spot price of refined cobalt falls [SMM Weekly Review of Refined Cobalt Market] [SMM Weekly Review] Lithium carbonate prices continue to decline, with the short-term market still under pressure [SMM Analysis] Can titanium-doped iron phosphate be the perfect upgrade for the high-end development path? [SMM Analysis] China's lithium hydroxide exports reached 4,222 mt in April, basically flat MoM [SMM Analysis] China's imports of cobalt intermediate products increased slightly in April [SMM Analysis] Both China's unwrought cobalt exports and imports surged in April 2025 [SMM Analysis] China's total spodumene imports amounted to 623,000 mt in April, up 16.5% MoM [SMM Analysis] Both China's artificial graphite imports and exports increased MoM in April [SMM Data] LiPF6 import and export data for April 2025 [SMM Analysis] Analysis of ternary cathode precursor exports in April [SMM Analysis] Ternary cathode import and export volumes for April released, with imports up 37% MoM and exports up 13% MoM [SMM Announcement] Adjustments to weekly lithium carbonate data points before and after the Labour Day holiday Driven by multiple positive factors! The auto parts sector surged with over 12 stocks hitting daily limits! [Hot Stocks] Refined cobalt prices slightly recovered, while Co3O4 prices continued to decline. The market awaits the aftermath of the DRC's June ban. [Weekly Observations] [SMM Industry Insights] Global cobalt industry chain changes and Chinese market outlook following the DRC's cobalt export ban - Key points from the special speech by Wang Cong, General Manager of SMM Industry Research Tariff suspension spurs lithium carbonate futures to rise over 3%. Can the expectation of a rush in exports help lithium carbonate "stand up"? [SMM Flash News] Retail sales growth of passenger vehicles in April hit a new decade-high, with auto production and sales exceeding 10 million units in the first four months! [SMM Special Report]

[5.3 Lithium Battery News Flash] ► Jiyao Tongxing, a battery company under Geely Group: Expected to achieve a battery capacity of 70 GWh by 2027 ► Zhang Jinhua, China Society of Automotive Engineers: Strengthen OTA upgrade management and clarify corporate safety responsibilities ► CATL signs a strategic cooperation framework agreement with Lanzhou for zero-carbon city development ► Li Auto: The refreshed car models will return to a monthly sales level of 50,000 units, and sedan products will be launched based on market demand ► Zhonglun New Materials: The BOPA film material dedicated to solid-state batteries is in the early stage of market promotion ► Lopal: Plans to increase capital investment by 370 million yuan in its holding subsidiary Changzhou Liyuan

[Dongfeng Group's subsidiary supplies power/ESS battery separator products to BYD, CATL, HiTHIUM, etc.] On May 12, Dongfeng Group stated on the investor interaction platform that, in line with its business philosophy of "accelerating transformation, focusing on investment, and optimizing layout," the company continues to increase capital investment and resource allocation in the fields of new materials and Class I pharmaceutical packaging. In the early stage, the company signed a cooperation agreement with Lanting New Energy Technology (Zhejiang) Co., Ltd., with both parties reaching a long-term business cooperation intention on the R&D and production of key materials for solid-state batteries, namely solid electrolytes and semi-solid composite separators. The company and its affiliated enterprises will supply semi-solid and solid-related separators and base films to Lanting New Energy. Currently, the company is actively engaged in the R&D of semi-solid separators and solid electrolyte membranes, and is promoting the sample submission of semi-solid composite separator products.

Tianqi Lithium: Q1 Net Profit Expected to Turn Around to 82-123 Million Yuan, YoY Tianqi Lithium (002466.SZ) announced that it expects net profit attributable to shareholders of the listed company in Q1 2025 to be between 82 million and 123 million yuan, compared to a loss of 3.897 billion yuan in the same period last year. With the gradual intake of newly purchased lithium concentrates and the digestion of inventory lithium concentrates, the cost of chemical-grade lithium concentrates consumed in the production costs of the company's production sites has largely aligned with the latest purchase prices. Meanwhile, driven by the ramp-up of self-owned plants and technological transformation, the company's production and sales of lithium compounds and derivatives achieved YoY growth in Q1 2025. (Cailian Press) Six Major US Auto Industry Groups Jointly Oppose Tariff Hike on Auto Parts Six major US auto industry groups, representing auto dealers, suppliers, and nearly all major automakers, jointly sent a rare letter to the US Treasury Secretary, Commerce Secretary, and US Trade Representative, urging the federal government not to impose additional tariffs on imported auto parts. The letter stated that tariff hikes on auto parts would disrupt the global auto supply chain, trigger chain reactions, lead to higher car prices, lower sales, and make auto after-sales services and repairs more expensive and unpredictable. (Cailian Press) Geely Holding Unifies Its Battery Brands Under "Shen Dun Gold Brick," Models to Gradually Adopt Self-Produced Cells Cailian Press learned that Geely Holding Group recently completed the strategic integration of its battery business, officially establishing a new battery industry group, Zhejiang Jiyao Tongxing Energy Technology Co., Ltd. (referred to as "Jiyao Tongxing"). The company unified its original Gold Brick Battery and Shen Dun Short Blade Battery into the Shen Dun Gold Brick Battery brand, integrating Geely's self-developed and self-produced battery safety systems with cell products. In the future, Geely Holding's high-end luxury brands, such as Zeekr, will fully adopt the Gold Brick cells, and strategic models across Geely's brands will also be equipped with Gold Brick cells. Note: Tianyancha data shows that Jiyao Tongxing was established on January 26 this year, with actual control by Geely Group founder Li Shufu. (Cailian Press) CATL Collaborates with Five Automakers to Launch 10 New Chocolate Battery Swap Models At the 2025 Shanghai Auto Show, CATL's Chocolate Battery Swap, in collaboration with FAW, Changan, BAIC, Chery, and GAC, launched 10 new Chocolate Battery Swap models, with nine set to debut this year. GAC Group, as the first automaker to fully cooperate with the Chocolate Battery Swap ecosystem, will introduce the Chocolate standard in more of its models and collaborate with CATL in areas such as battery swap station construction, battery banking, marketing of battery swap models, and cascade utilization of retired batteries. (Cailian Press) Honda to Jointly Develop LFP Batteries with CATL Honda announced that it will collaborate with CATL to develop an efficient platform for directly placing batteries within the auto body. The two companies will jointly develop LFP batteries, which are planned to be adopted in the upcoming third-generation YE series models. (Cailian Press) Yicheng New Energy Plans to Acquire 80% Stake in Energy Storage Company and Increase Capital Yicheng New Energy (300080.SZ) announced that it plans to acquire an 80% stake in Henan Pingmei Shenma Energy Storage Co., Ltd. (referred to as "Energy Storage Company") held by its controlling shareholder, China Pingmei Shenma Group. After the acquisition, all shareholders of the Energy Storage Company will proportionally increase capital by 125 million yuan, with Yicheng New Energy contributing 100 million yuan. Following the acquisition and capital increase, the registered capital of the Energy Storage Company will increase from 30 million yuan to 155 million yuan, and Yicheng New Energy will hold an 80% stake, making the Energy Storage Company its subsidiary. The acquisition price for the 80% stake is 35.497 million yuan. The Energy Storage Company primarily produces and sells intelligent lithium-ion battery energy storage systems. After the acquisition, the company will achieve a combination of long-duration and short-duration energy storage, which will help strengthen and expand its main business. (Cailian Press) Related Reading: SMM Analysis: China's Unwrought Cobalt Exports and Average Export Price Surged MoM in March 2025 SMM Analysis: Cobalt Intermediate Product Imports Rose YoY and MoM in March SMM Analysis: Supercharging Technology Showdown: CATL vs. BYD SMM Analysis: Zimbabwe's Step Aside Lithium Mine Project Initiates Asset Liquidation: Focusing on Strategic Adjustments and Market Opportunities The 2025 (10th) New Energy Industry Expo Concluded Successfully! Industry Leaders Gather to Discuss Hot Topics! SMM: Global LFP Production Expected to Continue Rising, Prices Still Largely Affected by Lithium Carbonate [New Energy Summit] SMM Analysis: China Imported 534,500 mt of Spodumene in March SMM Data: LiPF6 Import and Export Data for March 2025 LFP Material Import and Export Situation in March [SMM Analysis] SMM Analysis: Ternary Cathode Imports and Exports in March: Imports Up 31% MoM, Exports Up 36% MoM SMM Analysis: Market Recovery in March, Artificial Graphite Exports Increased SMM Analysis: Ternary Precursor Export Situation in March SMM Analysis: Overseas Lithium News, 4.14-4.18 SMM Analysis: Lithium Carbonate Market Weekly Review: Prices Stabilized, Buyers and Sellers Remain Deadlocked SMM Analysis: Lithium Hydroxide Weekly Market, 4.14-4.18 SMM Analysis: Ternary Material Prices Pulled Back Slightly This Week SMM Analysis: Ternary Precursor Prices Corrected Slightly This Week SMM Analysis: Dry Separator Prices Expected to Bottom Out SMM Analysis: Negative Electrode Material Prices Remained Stable This Week LFP Material Market Weekly Update [SMM Analysis] SMM Analysis: ESS Cell Price Trends, 4.11-4.17 SMM Analysis: Dry Separator Shows Upward Trend This Week SMM Analysis: Power Cell Prices Mostly Stable with Minor Fluctuations SMM Analysis: Lithium Ore Weekly Market, 4.14-4.18 SMM Analysis: Graphitisation Tolling Services Prices Remained Stagnant This Week SMM Analysis: Recent Electrolyte Prices, 2025.4.14-2025.4.17 SMM Analysis: Petroleum Coke Prices Held Steady, Needle Coke Prices Showed Slight Downward Trend This Week SMM Analysis: A Review of Waste Battery for Cascade Utilization Price Trends This Week, 2025.04.14-2025.04.17

On April 23, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Main Forum, Hou Zhenhai, Chief Strategist of Straits Financial Group, delivered a speech named "Global Macroeconomic Uncertainties and Outlook for Commodity Allocation".

The State Council conducted its 13th thematic study session under the theme "Strengthening Expectation Management and Coordinating Policy Implementation and Expectation Guidance." Premier Li Qiang, while presiding over the session, emphasized the need to thoroughly study and implement the important directives of General Secretary Xi Jinping and the decisions and arrangements of the CPC Central Committee regarding stabilizing expectations and strengthening confidence. He called for a deeper understanding of the importance of enhancing expectation management, aligning with the current situation, and making concerted efforts to promote stable and positive social expectations, thereby forming a strong synergy to address risks and challenges and jointly drive high-quality development.